Tech Mahindra - Next in Q ?
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There is clear distribution seen in Tech Mahindra daily charts with clean divergence on RSI,
As we can see on chart there is very good support around 720 levels which was earlier a strong resistance, also volume has spiked up recently during last couple of down days.
TechM has been very resilient recently and despite the steep fall in Nifty we haven't seen much damage to it, But now as Nifty IT also starting to break down, if it breaks support around 720 and sustains below it then it can open doors to the levels all the way up to 620-600 and may do 550 as well, in between it can fine some support around 694/660.
On up side 760-770 should continue to provide very strong resistance on closing basis.
As we can see on chart there is very good support around 720 levels which was earlier a strong resistance, also volume has spiked up recently during last couple of down days.
TechM has been very resilient recently and despite the steep fall in Nifty we haven't seen much damage to it, But now as Nifty IT also starting to break down, if it breaks support around 720 and sustains below it then it can open doors to the levels all the way up to 620-600 and may do 550 as well, in between it can fine some support around 694/660.
On up side 760-770 should continue to provide very strong resistance on closing basis.
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Tech M 666 now, can book partial profits and carry rest with TSL
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